PUBLISHER: The Business Research Company | PRODUCT CODE: 1526862
PUBLISHER: The Business Research Company | PRODUCT CODE: 1526862
Webtoons are digital comics or graphic novels designed mainly for online distribution and reading. Optimized for smartphones and computers, they often use a vertical scrolling format that facilitates easy reading on mobile devices. Originating in South Korea, webtoons have become popular globally thanks to their accessibility and wide range of genres and styles.
The main product types of webtoons are subscription-based and advertisement-based. Subscription-based webtoons require users to pay a fee or subscribe to access content. The various genres include action, science fiction (sci-fi), horror, comedy, romance, and more, available on various platforms such as mobile phones, personal computers (PCs) or notebooks, tablet computers, and others.
The webtoon market research report is one of a series of new reports from The Business Research Company that provides webtoon market statistics, including webtoon industry global market size, regional shares, competitors with a webtoon market share, detailed webtoon market segments, market trends, and opportunities, and any further data you may need to thrive in the webtoon industry. This webtoon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The webtoons market size has grown exponentially in recent years. It will grow from $6.33 billion in 2023 to $8.24 billion in 2024 at a compound annual growth rate (CAGR) of 30.3%. The growth in the historic period can be attributed to rise in prevalence of smartphones, increased popularity of digital comics and online storytelling platforms, increased demand for mobile-friendly and easily accessible entertainment content, increased trend towards digitalization, and rise in content digitization and mobile first consumption.
The webtoons market size is expected to see exponential growth in the next few years. It will grow to $23.94 billion in 2028 at a compound annual growth rate (CAGR) of 30.6%. The growth during the forecast period can be attributed to the rising adoption of digital platforms and devices, the increasing growth of mobile-based subscriptions, and the growing demand for webtoons on mobile phones, PCs/notebooks, and tablet computers. Additionally, the increasing number of internet users and the expanding diversity in genres and themes contribute to this growth. Major trends expected during the forecast period include technological advancements, new product innovations, mergers and acquisitions, partnerships between broadcasting networks, and the expansion of licensed content.
The rise of digital entertainment platforms is expected to drive the growth of the webtoon market in the coming years. Digital entertainment platforms, which include online services offering movies, TV shows, music, podcasts, and video games, are growing due to factors such as cost efficiency, consumer demand, and improved data utilization. Webtoons, a versatile and engaging form of content, are increasingly used on these platforms to attract a broad audience, foster community, provide monetization opportunities, and enhance user experience. For instance, in 2023, Netflix, a US-based subscription video-on-demand and webtoons provider, reported a 6.6% year-on-year revenue increase, reaching $33.7 billion. Additionally, the company's net income rose by 20.4% to $5.4 billion, and its subscriber base expanded to 238.3 million worldwide. Therefore, the rise of digital entertainment platforms is fueling the growth of the webtoon market.
Major companies in the webtoons market are focusing on developing innovative products, such as serialized fiction apps, to gain a competitive advantage. Serialized fiction apps are platforms where stories are released in regular installments, offering features such as push notifications for updates, bookmarking, and community interaction. For example, in October 2022, NAVER WEBTOON Ltd., a US-based innovative storytelling platform, launched Yonder, a premium app for serialized fiction. Yonder provides a curated experience with hundreds of titles across various genres, working with publishers to revitalize backlists and optimize stories for the platform. The app is available for free on Android and will soon be accessible on iOS devices. Yonder employs a pay-what-you-read model, allowing readers to explore and discover stories in a new way.
In July 2022, Wattpad, a US-based multi-platform entertainment company, partnered with Zeta Studios. This collaboration aims to develop Spanish-language web novels in Latin America and Spain for TV, film, and theatrical releases, thereby expanding their audiovisual presence in Spanish-speaking regions. Zeta Studios, a Spain-based company, offers webtoons across various genres and works on TV network projects.
Major companies operating in the webtoons market are NAVER Corporation, Kakao Corporation, Bilibili Inc., KRAFTON Inc., NETMARBLE Corporation, KIDARISTUDIO Inc. , D&C Media Co.Ltd. , Manta Media Inc., Shueisha Inc., Toomics Global Co. Ltd, RIDI Corporation, NHN Comico Corporation, Lezhin Entertainment LLC, Mr. Blue Corporation, Sidewalk Group, TappyToon, Tapas Media, NETCOMICS INC., Webtoon Factory, Foxtoon, Seven Seas Entertainment Inc., Cross Infinite World, Mangatoon HK Limited
Asia-Pacific was the largest region in the webtoons market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the webtoons market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the webtoons market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The webtoons market includes revenues earned by entities through digital and print sales of webtoon episodes, premium content, webtoon series, and exclusive releases. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Webtoons Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on webtoons market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for webtoons ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The webtoons market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.